Sea reports 418.3% surge in Q2 2025 earnings to US$414.2 million, on Shopee and Monee’s performance

[SINGAPORE] Sea Limited reported on Tuesday (Aug 12) a 418.3 per cent increase in its Q2 2025 earnings to US$414.2 million, a jump from the US$79.9 million in the year-ago quarter.

Revenue for the group grew 38.2 per cent to US$5.3 billion for the quarter, from US$3.8 billion in the year before, powered by the performance of its e-commerce and digital financial services arms, respectively, Shopee and Monee.

Revenue for e-commerce grew 33.6 per cent to US$3.3 billion in Q2 2025, up from US$2.5 billion in Q2 2024. This was driven by the 28.2 per cent growth in gross merchandise value (GMV) in Q2 2025 to US$29.8 billion. Core marketplace revenue, drawn from transaction-based fees and advertising revenue, grew 46.2 per cent to US$2.6 billion in the quarter.

Adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) for its e-commerce arm was US$22.7 million in Q2 2025, a reversal from the loss of US$9.2 million in Q2 2024.

Shopee, which celebrated its fifth anniversary in Brazil, has become a market leader by order volume and is operating profitably, said Forrest Li, Sea’s chairman and chief executive.

“After a record-high Q1, Shopee has delivered a record-breaking Q2. GMV grew 25 per cent year-on-year in the first half, and we expect this growth momentum to carry into Q3,” he said.

Revenue from Monee, its digital financial services arm, also spiked, rising 70 per cent to US$882.8 million in Q2 2025 from US$519.3 million in Q2 2024. The growth was driven primarily by the credit business from consumers and small and medium-sized enterprises (SMEs).

The principal outstanding on consumer and SME loans stood at US$6.9 billion as of Jun 30, up 94 per cent year on year; non-performing loans stood at 1 per cent of the outstanding loans.

Adjusted Ebitda for digital financial services stood at US$255.3 million, up 55 per cent.

Bookings for Garena, Sea’s digital entertainment arm, grew 23.2 per cent to US$661.3 million in Q2 2025. Its Q2 2025 revenue grew 28.4 per cent to US$559.1 million from US$435.6 million in Q2 the year before. This was mainly due to the growth in the active user base and number of paying users.

Average bookings per user was up for Q2 2025 to US$0.99, from US$0.83 in Q2 2024.

Quarterly active users were up 2.7 per cent to 664.8 million in Q2 2025, and quarterly paying users were up 17.8 per cent to 61.8 million in the same period. The paying-user ratio was 9.3 per cent in Q2 2025, up from 8.1 per cent in Q2 2024.

“Given all this, we are raising our full-year guidance for Garena, and expect bookings to grow more than 30 per cent in 2025, year on year,” said Li.

Shares of Sea closed down 0.9 per cent or US$1.38 to US$146.23 on the New York Stock Exchange on Monday.